Salt Lake City Foreclosure Auction Action

I have been going to the auction regularly for the last month and this is what I am seeing. The most common sale I am seeing are split level homes built in the 70’s in West Valley. I don’t know why but this type of home is magnetized to the foreclosure auction block. They are going from $100,000-$120,000 at the auction and their fixed up value is $160,000-$180,000.

But there are other types of homes going as well. Today, a home in Draper sold for $587,580. Its fixed up value is $675,000-$725,000. If you have been reading my blog, you know that there is a ton of inventory in Draper and prices have been dropping fast there in the last six months. Six months ago this house could have sold for $800,000 no problem.

A house in the avenues sold last week for $253,900. This house was listed on the MLS for $375,000 in the summer but not selling. It was listed as a short sale on the MLS for $324,900 before it went to the auction.

As you can see, people are getting good deals at the auction. Starting in January, a company Vestus.com is going to make the foreclosure auction accessible to a wider range of investors. If you want to get in on the action, email me and I will keep you informed.